Time to clear cheque in same branch

Foggster

I have been given a cheque which I shall be paying into the bank tomorrow morning. The account that it is being paid into is held at the same branch as the issuer of the cheque.

Will it clear any quicker than the normal 4-6 days for a cheque being drawn on an account in a different bank?

ChiefGrasscutter

Depends on the bank
Some cleared 'In house cheques' immediately while others put them through the system.
I recall hearing (probably on MSE) of one bank who did clear in house cheques immediately recently stated that they would henceforth be put in the usual clearing cycle.

Foggster

It is Lloyds.

virgin_moneysaver

& Nastywest from 1st Sept

YorkshireBoy

Foggster wrote: »

Will it clear any quicker than the normal 4-6 days for a cheque being drawn on an account in a different bank?

Yes.

If the source is a personal account you can use the funds same day.

If the source is a business account you can use the funds next working day (ie next Tuesday).

http://www.lloydstsb.com/legal/cheque_clearing_process.asp

ChiefGrasscutter

Foggster wrote: »

It is Lloyds.

About 3 months ago I wrote/gave a cheque to a small business.
They must have paid it in that same day.
They must have used Lloyds but it would have been a different branch to my account.
It showed up on my internet banking screen the next day has having been taken.
Given that Lloyds updates cheques/DD etc overnight it must have been put through the internal lloyds system almost immediately it was paid in.

As previous poster has reminded us it was NatWest that said after 1st sept all cheques would pass through the full clearing system regardless

KITTYKAT8_2

I bank with santander I have been given a cheque from my husband who also banks with santander at the same branch,it is madness that the cheque will not clear until next Friday/Monday. I am sure the money will leave his account today.